NSE market capitalisation inches N2.22trn
Also, the All-Share Index during the period rose by 2,573.32 points or 9.59 per cent to close at 29,415.39 compared with the opening year index of 26,842.07.
The nation’s bourse posted 9.1 per cent gain last week, the largest weekly return for two-years, to emerge the world’s best-performing stock market for the week.
Commenting on the market performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the growth to activities of investors in anticipation of higher dividend yields.
“Local institutional investors and funds managers are taking advantage of the two consecutive years of decline to reposition their portfolios for the New Year expectations,” Omordion said.
He stated that investors were optimistic that the current economic recovery would likely to continue thereby resulting to enhanced dividend yields higher than the prevailing money market rates.
Omordion added that the listing of BUA Cement 33.86 billion ordinary shares at N35 per share contributed to the stock market growth.
He noted that rise in oil price in the global market due to the United States of America and lran conflict contributed to the stock market trend.
Omordion, however, said that investors should not be carried away but set investment goal or target before jumping in any position whether for long or short term.
Mr Moses Igbrude, President, Issuers and Investors Alternative Dispute Resolution Initiative, attributed the steady upward movement in the equities market to stability in political arena.
Igbrude said that the instability in the Middle East as a result of Iran and American conflict increased foreign investors’ interest to the NSE.
However, analysts at Cordros Reseacher, expected profit taking to dominate activities in this week.
“Looking ahead, while we expect profit-takers to dominate activities in the coming week, we still see significant legroom for a further rally as the elevated maturities from fixed income instruments hunt for investment vehicles.
“Nonetheless, we advise investors to cherry-pick fundamentally sound stocks,” they said.